Piraeus Street: The old VIOHALCO factory in Tavros is being transformed

Piraeus Street Tavros

The major investment by Noval property, a subsidiary of VIOHALCO, in Piraeus Street, a project whose design was undertaken by the architectural office Foster+Partners, gives a street that seemed abandoned international visibility.

Noval Property AEEAP is a company that deals with investment and development in the field of real estate, and with its investment at number 252 Piraeus Street in Eleonas (Tavros), the old Viohalco factory, which exceeds ​​70 acres, will transform into a hub of culture and innovation (with mixed use, i.e. in addition to the above, residences and hotels), showing the way to the buildings of a street that had been affected by deindustrialisation.

We spoke with the managing director of Noval Property, Panagiotis Kapetanakos.

– Why are investments now being made in Piraeus? The deindustrialisation of the area started years ago.

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The area's deindustrialisation began several years ago; however, along the route of Piraeus Street, there are still remnants of manufacturing, light industrial production and abandoned former industrial buildings. At the same time, the more than ten-year economic crisis did not allow the municipalities to actively deal with implementing actions, resulting in an unused road axis due to the lack of urban planning identity.

The upcoming siting of the new Panathinaikos stadium through the dual redevelopment, the recent development of significant commercial uses on Piraeus Street, as well as the business plans already implemented or planned will once again make the road axis of Piraeus Street one of the medium-term most interesting commercial streets of Attica, with a mix of commercial and cultural uses.

-How do you see the future of Piraeus Street?

Given the mobility that exists in terms of the development of commercial, residential and cultural uses around the road axis of Piraeus Street, combined with the saturation that exists in other commercial road axes of Athens (see Kifisias, Mesogeion, etc.), highlights Piraeus Street as a potential commercial street with significant perspective, combining a wide mix of uses.

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-What is the specific objective of the investment?

Following the trend of urban renewals through mixed uses and wanting to pioneer diversified developments, we have started implementing the development of the old Viohalco facilities in Elaion (Tavros) on  ​​more than 70 acres.

Piraeus 252 aspires to introduce and promote an innovative, healthy, new way of living, working and interacting based on integrated solutions of sustainable and technologically advanced practices (smart city), respecting the heritage of the industrial space.

To achieve this, some of the existing building structures need to be preserved and repurposed, while new ones will be integrated and enhanced for development.

Our vision is to give back to the area that hosted Viohalco's first facilities by creating an exemplary and sustainable mixed-use urban redevelopment such as, among others, a museum, hotel, offices, residential, etc. while seeking to be an important accelerator – along with the rest of the developments on Piraeus Street – in the reformation of the wider area.

Approximately 55,000 m2 is expected to be developed, of which 25% will be residential, 25% offices, 14% the hotel, 20% will accommodate trade and catering uses and an additional 16% cultural and sports facilities.

It will be Greece's first "neighbourhood" to receive LEED Gold Neighborhood certification for adopting low environmental footprint practices.

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The masterplan, designed through our collaboration with the internationally renowned architectural firm Fosters + Partners and a diverse team of architects, aims to create an emerging "Design District" in conjunction with the adjacent, existing premises of the Athens School of Fine Arts of the Athens Festival and the Cultural Center of the Greek World Foundation.

We are particularly pleased to be working with Foster + Partners on this project. Its global perspective, expertise and experience in architecture and sustainability, combined with a deep understanding of the requirements and complexities of regeneration projects, add significant value to our work.

-When do you expect it to be completed?

The project is in the licensing stage, with the important milestone in view of the issuance of the Presidential Decree regarding the permitted uses through the urban planning tool of ESCHASE. It is estimated that construction activity will begin gradually within 2025, always connected with the completion of the licensing process.

Thanas Diamantopoulos is a columnist for New Money.

READ MORE: The Dos and Don’ts of Buying Property in Greece.

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